Adam Sheridan Testifies Before Senate Banking & Insurance Committee
Frankfort, KY – Auto dealers across Kentucky are facing a growing problem that is making it harder to run their businesses: obtaining the proper insurance for their dealer licenses. As a result, many dealers are stuck with limited options, higher premiums, and the frustration of navigating a complicated insurance market. But there’s good news on the horizon. With the support of Big I KY and Senator Rick Girdler, Adam Sheridan is working hard to change this situation and bring about a solution that will benefit auto dealers across the state.
As a dedicated advocate for Kentucky’s auto dealers, Sheridan knows firsthand the challenges dealers face when trying to secure insurance coverage for their businesses. Sheridan understood that this issue was bigger than just a few isolated cases. Auto dealers across the state were struggling to find the right insurance at competitive prices, and something needed to be done.
Kentucky Auto Dealers Insurance Problems
The problem that auto dealers are facing isn’t just a matter of high insurance premiums; it’s the lack of competition in the insurance marketplace. With fewer insurance companies willing to offer coverage for auto dealers, the market has become stagnant, and dealers are left with limited choices. This makes it harder for dealerships to stay competitive, forcing them to accept whatever policies are available—often at exorbitant rates.
Sheridan didn’t sit idly by. Recognizing that something had to change, he worked with Big I KY to bring this issue to the attention of Senator Rick Girdler. Together, they developed a solution in the form of Senate Bill 18 designed to open up the insurance marketplace for auto dealers. The goal was simple: allow more insurance companies to offer coverage to Kentucky’s auto dealers, creating a competitive environment that benefits everyone.
On February 11, Sheridan took action and testified before the Senate Banking and Insurance Committee. Sheridan made a compelling case, explaining how expanding the pool of insurance companies offering dealer coverage would benefit Kentucky’s auto dealers. By making the market more competitive, the bill would lead to better options, and a more sustainable business environment for dealers across the state.
Sheridan’s efforts were met with tremendous support. The bill passed through the Senate with a unanimous vote of 37-0, a clear sign that lawmakers recognized the importance of solving this problem for Kentucky auto dealers insurance. The next step? The bill now heads to the House, where it will continue its journey toward becoming law.
Next Steps
If the bill is passed in the House, it will dramatically improve the landscape for Kentucky’s auto dealers. More insurance companies offering coverage will give dealers more options. With a more competitive insurance marketplace, auto dealers will have the ability to secure policies that better fit their needs, helping them grow their businesses without being burdened by sky-high premiums.
Thanks to Adam Sheridan and Big I KY’s hard work, Kentucky’s auto dealers are on the brink of a major win. The bill to increase insurance options is a step toward leveling the playing field for all dealers in the state, and it’s a testament to what can happen when advocates come together to tackle a problem head-on. As the bill moves to the House, Kentucky’s auto dealers should feel hopeful that their voices are being heard and that a more competitive, affordable insurance marketplace is on the way.
Stay tuned, and let’s keep pushing for a better future for Kentucky’s auto dealers!
About Senate Bill 18:
SB 18 establishes clearer insurance requirements for motor vehicle dealers, new recreational vehicle dealers, motor vehicle auction dealers, and wholesalers. The legislation updates the current statute to require licensees to maintain an approved indemnifying bond or insurance policy with specified coverage limits to better ensure financial responsibility in the event of accidents or damages. The bill also outlines policy requirements, including coverage for vehicles in operation and commercial general liability standards for automotive recycling dealers.
About Big I Kentucky:
Big I Kentucky is the largest insurance trade association in the state. The association has more than 300 member insurance agencies, employing more than 3,000 people as its members. Independent agents offer customers a choice of policies from a variety of insurance companies. These agents provide all lines of personal and business insurance, including – property, casualty, life and health, and employee benefit plans and retirement products.
